Saturday, March 13, 2010

Have you shopped around for life insurance lately?

Many of the insurance policies that we all take out have to be renewed every year. For most of us this means once a year ringing around for car insurance, house and contents insurance amongst others.

But how many of us remember to shop around for life insurance and/or mortgage protection? Are you still paying the most competitive rate? Do you still have a policy which reflects your current needs?

Ensuring that you have a policy which reflects your current needs is just as important as getting the cheapest premium. For example, do you have a family or dependents? For as little as €20 or €30 a month you can help to provide for their future financial security by providing them with a lump sum of money payable on your death.

The below are a range the current lowest rates available on the market (prices correct as of 13th March 2010). Using this list may help to give you an indication of what you should be paying. For a specific quote based on your own details, drop Fenero a line and we will get back to you within a few minutes with a quote for the lowest cost life assurance or mortgage policy.

As you will see from the below, the biggest factors which affect the cost of life insurance and mortgage protection are your age and whether you are a smoker. So if you do not currently have any cover, or if you are looking to increase it, the sooner you do so, the cheaper it will be.

COVER OF €250,000
NON SMOKERS


Single person/cover

Male, 25 years old, Non-Smoker
Life: €16.84 MP: €12.97

Male, 35 years old, Non-Smoker
Life cover: €28.81 MP: €21.42

Female, 25 years old, Non-Smoker
Life: €12.95 MP: €10.10

Female, 35 years old, Non-Smoker
Life: €22.60 MP: €16.65

Couples/joint cover

Male & Female, 25 years old, Non-Smokers
Life: €26.64 MP: €17.70

Male & Female, 35 years old, Non-Smokers
Life: €44.45 MP: €30.35

Male & Female, 45 years old, Non-Smokers
Life: €102.11 MP: €78.56

COVER OF €250,000
SMOKERS


Single person/cover

Male, 25 years old, Smoker
Life: €26.98 MP: €19.33

Male, 35 years old, Smoker
Life: €51.79 MP: €31.36

Female, 25 years old, Smoker
Life cover: €19.95 MP: €15.11

Female, 35 years old, Smoker
Life: €37.65 MP: €27.47

Couples/joint cover

Male & Female, 25 years old, Smokers
Life: €41.64 MP: €26.84

Male & Female, 35 years, Smokers
Life: €79.64 MP: €53.80

Male & Female, 45 years old, Smokers
Life: €202.01 MP: €144.68


COVER OF €350,000
NON SMOKERS


Single person/cover

Male, 25 years old, Non-Smoker
Life: €21.30 MP: €16.81

Male, 35 years old, Non-Smoker
Life cover: €39.31 MP: €28.99

Female, 25 years, Non-Smoker
Life cover: €16.92 MP: €12.02

Female, 35 years old, Non-Smoker
Life: €30.62 MP: €22.29

Couples/joint cover

Male & Female, 25 years old, Non-Smokers
Life: €35.90 MP: €23.31

Male & Female, 35 years old, Non-Smokers
Life: € 61.21 MP: €41.48

Male & Female, 45 years old, Non-Smokers
Life: €141.93 MP: €108.97


COVER OF €350,000
SMOKERS


Single person/cover

Male, 25 years old, Smoker
Life: €35.88 MP: €26.16

Male, 35 years old, Smoker
Life cover: €71.48 MP: €49.82

Female, 25 years old, Smoker
Life cover: €26.91 MP: €20.14

Female, 35 years old, Smoker
Life: €51.70 MP: €37.45

Couples/joint cover

Male & Female, 25 years old, Smokers
Life: €57.30 MP: €36.65

Male & Female, 35 years old, Smokers
Life: €110.47 MP: €72.43

Male & Female, 45 years old, Smokers
Life: €281.79 MP: €201.54

* Prices include 1% government levy
** Prices are the monthly premium payable
*** Prices correct as of 13 March 2010
**** Prices are based on normal rates
***** MP = Mortgage Protection; Life = Life cover/Term Assurance

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